Australia Oil and Gas Market Size, Share, Growth, Outlook - Industry Trends and Forecast to 2028
Monday, 11 December 23, 12:25Anticipated to exhibit robustness from 2023 to 2028, the Australian oil and gas market is poised for steady growth. Among the pivotal catalysts igniting this trajectory is the worldwide increasing demand for natural gas, coupled with steadfast governmental backing encompassing incentives, as well as propitious policies and regulations.
Anticipated to exhibit robustness from 2023 to 2028, the Australian oil and gas market is poised for steady growth. Among the pivotal catalysts igniting this trajectory is the worldwide increasing demand for natural gas, coupled with steadfast governmental backing encompassing incentives, as well as propitious policies and regulations.
Nevertheless, amidst these promising prospects, the industry encounters certain impediments that warrant consideration. Geopolitical uncertainties loom as a persistent risk, potentially affecting market dynamics. Concurrently, the ascent of stringent environmental regulations casts a shadow over growth, constituting an additional hurdle for the Australian oil and gas market's expansion.
Australia Oil and Gas Industry
The Australian oil and gas industry plays a crucial role in strengthening the country's economy, serving as a key driver of economic growth. Notably focusing on the production of liquefied natural gas (LNG), Australia has established itself as a prominent global player in this sector. The nation's substantial contribution to LNG production not only caters to its domestic energy needs but also fuels international trade in this valuable resource.
The focal point of the oil and gas industry lies within Western Australia, home to the bulk of the nation's reserves. Nonetheless, substantial reservoirs are also present in alternate states, including Queensland, South Australia, and the Northern Territory.
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Current Scenario
In 2022, the Australian production of crude oil and condensate saw a reduction, amounting to approximately 103.9 million barrels, contrasting with the 2021 figure of around 122.2 million barrels. Correspondingly, the year-on-year natural gas production experienced a decline of 4.4%, decreasing from 156.7 billion cubic metres (Bcm) in 2021 to 149.8 Bcm in 2022.
Drivers
The global appetite for natural gas is on a steady rise, driven by its expanding role in both electricity generation and various industries. This surge in demand finds its roots in the recognition of natural gas as a cleaner and more environmentally friendly substitute for coal in power generation and also as bridge fuel for energy transition.
Notably, the attributes of being a fossil fuel with relatively low greenhouse gas emissions and possessing greater efficiency contribute to its preference. Simultaneously, the industrial sector's increasing reliance on natural gas further drives this demand surge, due to its versatile nature capable of fueling a wide spectrum of industrial processes.
Australia stands out as a significant player in the realm of natural gas production. The country's production profile is heavily oriented towards exportation. As global demand for natural gas witnesses a steady ascent, the effects reverberate within Australia's production landscape, proportionally influencing its output.
The new report from Blackridge Research on the Australia Oil and Gas Market comprehensively analyses the fossil fuels Market and provides deep insight into the current and future state of the industry.
The study examines the drivers, restraints, and regional trends influencing Australia Oil and Gas Market demand and growth. The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the Oil and Gas Market, important commercial developments, trends, regions, and segments poised for the fastest growth, competitive landscape, and market share of key players. Further, the report will also provide Australia oil and gas Market size, demand forecast, and growth rates.
Australia Oil and Gas Market Drivers & Restraints
The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.
The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.
Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.
Australia Oil and Gas Market Analysis
This report discusses the overview of the market, the latest updates, important commercial developments and structural trends, and government policies and regulations.
This section provides an assessment of COVID-19 impact on Australia oil and gas demand.
Australia Oil and Gas Market Size and Demand Forecast
The report provides the Australia oil and gas market size and demand forecast until 2028, including year-on-year (YoY) growth rates and CAGR.
This report helps to:-
- Gain a deeper understanding of the impact of COVID 19 on the Australia oil and gas market.
- Equip yourself with rigorous analysis and forward-looking insight into the Australia oil and gas market.
- Evaluate the attractiveness and state of competition in the industry to identify opportunities and develop a strategy
- Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development
- Assess the current production and forecasts as an important part of devising your business plans and strategy
- Gain a comprehensive view of the emerging market trends and developments to assess market opportunities
- Be better informed of your competition by gaining access to detailed information and analysis of key industry players
- Keep on top of M&A developments, JVās, and other agreements to assess the evolving competitive landscape and enhance your competitive position
Who need this report?
- Oil and Gas Companies
- OFSE Companies
- Investor Community
- Government Bodies
- Industry Associations
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